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Joan invests 200. She earns interest at 3% per annum, compounded monthly.What is the future value of Joan’s investment after 1.5 years?

Solution

Joan invests 200. She earns interest at 3% per annum, compounded monthly.What is the future value of Joan’s investment after 1.5 years?

Solution

Amount : 209.19

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.03}{12})^{12 \cdot 1.5}

200 (1 + \frac{0.03}{12})^{12 \cdot 1.5} = 209.19382 \dots

Round to the nearest hundredth:

209.19

Amount : 209.19

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